Shares hit $20.47 at pixel time, their highest intraday price since 8 January. The last time stock surpassed the $20 was back on 4 March.

It also announced promoted stickers, enhancing a recently added feature which lets users add fun cartoon images to pictures they share.

Advertisers will be able to create their own stickers, which Twitter said "represents a huge opportunity for brands to drive brand affinity and raise awareness of their message at scale". Pepsi is the first to use promoted stickers and it will form part of its global PepsiMoji advertising campaign

The addition of promoted stickers comes after the tech company admitted advertiser demand was low at its current pricing amid stiff competition from other digital platforms. In its latest earnings at the end of July, revenue inched up in the second quarter, but it slowed to its lowest growth in three years and was below Wall Street expectations.